PPX holders own the company, the hybrids could own it as well if they convert.
the worthless one is the one that loses the most money following the conversion..at market prices it looks to me like the hybrid holders would be losing the most..
therefore my conclusion is hybrids are now worth..less
as an ordinary shareholder i would vote down any resolution to allow hybrid holders to convert at anything higher than its market price.
PPX holders own the company, the hybrids could own it as well if...
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